GameStop fires CEO, shares plunge

 

GameStop fired CEO Matthew Furlong.  Shares plunged 19% after the news was released on Thursday. Furlong is a former Amazon executive who was initially selected to lead GameStop's online expansion. Furlong's departure came as Ryan Cohen was appointed as executive chairman of GameStop. Cohen was influential in turning GameStop into a so-called "meme stock" in 2021. Meme stocks are shares that gain popularity with retail investors through social media.  GameStop has cycled through five CEOs and three CFOs in five years. The company's shares are down 80% from their $120.75 peak in 2021.